Abuja, Jan 16, 2025 – The Central Bank of Nigeria (CBN) has launched two initiatives to improve turnaround time and cut costs.
They are the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
The apex bank disclosed this in a statement on Thursday.
According to the statement, the initiatives were launched on Wednesday in continuation of the bank’s digital revolution project tagged ‘Digital First,’ which the governor flagged off in December 2023 as one of his transformation initiatives.
Olayemi Cardoso described the DocFlow system as a ground-breaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.
He said the significance of the MDAs Naira Payment Solution was that it would automate cash withdrawal process for MDAs, enhance efficiency in financial transactions and strengthen client support.
The CBN governor said the initiatives would enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements.
He also expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.
Emem Usoro, the CBN Deputy Governor (Operations), said the launch of the solutions demonstrated the apex bank’s commitment to operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.
She highlighted the benefit of the MDAs Naira Payment Solution to include improved service delivery to the MDAs, while minimising errors, irregularities and mitigating against fraud.
Jide-Samuel, the Project Lead and Acting Director of CBN Information Technology Department, said the MDA Cash Payment Solution had been successfully tested with some MDAs and aligned with the bank’s enterprise objective of excellence in central banking operations. (GBN)
